Kinara Capital raises $14.5 million in Series C Funding

New Delhi: Bangalore-based NBFC Kinara Capital on Monday said it has raised USD 14.5 million in Series C funding from multiple investors which will be deployed to expand its product portfolio and increase investment in technology.

Kinara Capital functions as a lender to micro, small and medium enterprises (MSMEs) who do not have property collateral to pledge.

"This new investment will help us deepen our reach in existing geographies and enhance our technology solutions to improve our efficiency. Our aim is to extend our support to more than 50,000 entrepreneurs across 100 cities in India by the end of 2019," Hardika Shah, the founder and CEO of Kinara Capital said in a release.

The Series C funding, which denotes a company's third injection of investment capital from outside sources, was infused by investors including existing investors such as Michael & Susan Dell Foundation and Patamar Capital, and new investors including Gaja Capital and Gawa Capital, according to the release.

"This round also provided exits to Shriram City Union Finance Ltd and investors of IIX's Impact Partners platform. The fresh round of funding will be deployed to expand the product portfolio in existing and new geographies in India and increase investment in technology to improve efficiency in field operations," the release said.